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provided in the foregoing section, shall have been sub-
scribed, and forty per cent. thereof actually paid in
cash, the said Board of Directors may declare the com-
pany organized.

SEC. 8.— All the corporate powers of said company
shall be vested in, and be exercised by a Board of
Directors, and such officers and agents as they shall
appoint. The Board of Directors shall consist of not
less than three nor more than five stockholders, who
shall be chosen every year by the stockholders, each
share having one vote, to be given in person or by
proxy, such Directors to continue in office until their
successors are elected and qualified. A majority of
the Board shall constitute a quorum for the transac-
tion of business.

SEC. 9— The persons named in the first section of
this act, shall constitute the first Board of Directors,
and shall hold their office till the first Monday in June
next succeeding the organization of the company, and
until their successors are elected, and on the first
Monday of June in each year during the continuance
of said corporation, an election of Directors thereof
shall be held in the city of Chicago, at such time and
place as the existing Board of Directors may prescribe.

SEC. 10.— The said company shall have power to
make, ordain and establish all such by-laws, rules and
regulations as may be deemed expedient and neces-
sary to fulfil the purposes and carry into effect the